Posted 4 years ago on May 16, 2013, 10:11 a.m. EST by factsrfun
(8752)
from Phoenix, AZ
This content is user submitted and not an official statement

From wiki:

Financial industry regulation

Then-congressman Schumer in 1987, in opposition to the repeal of the Glass–Steagall Act of 1933, wrote in a New York Times op-ed: Don't Let Banks Become Casinos, wrote “Citing the pressures of rigorous worldwide competition in financial services, large American banks are pleading for the repeal of the Glass–Steagall Act, a law that keeps banks out of the more volatile and risky world of securities transactions. Their entreaties should be resisted..."

Senator Schumer in 1999, in support of Congress’s repeal of the Glass–Steagall Act of 1933, commented: "There are many reasons for this bill, but first and foremost is to ensure that U.S. financial firms remain competitive."
The Securities and Investment industry is the largest donor to Schumer’s senatorial campaigns.

On December 14, 2008, the New York Times published an article on Schumer's role in the Wall Street meltdown. The article stated that Schumer embraced the industry’s free-market, deregulatory agenda more than any other Democrat in Congress, even backing measures now blamed for contributing to the financial crisis. Schumer took steps to protect industry players from government oversight and tougher rules, a review of his record shows. Over the years, he has also helped save financial institutions billions of dollars in higher taxes or fees. He succeeded in limiting efforts to regulate credit-rating agencies. This article also charged that Schumer blocked ratings agencies reforms proposed by the Bush Administration and the Cox SEC.

In his book released in March 2010, "No One Would Listen," Madoff whistleblower Harry Markopolos passes along an unsourced claim that Schumer called the SEC for information about the Madoff investigation.

Taxes on high incomes

Schumer had been a staunch defender of low taxes on hedge fund and private equity managers in the past, arguing that this was necessary to protect the industry. Serving on both the Senate Banking and Finance Committees, Schumer was in a position to block attempts to tax their financial gains at the rate other taxpayers pay for income. In 2010, however, Schumer suggested that a hedge-fund tax would be acceptable and not hurt the industry.

In February 2012, Schumer said that he disagreed with the Obama administration's call to raise taxes on those making more than $250 000 a year, calling for a million-dollar level instead. According to Schumer, "there are a lot of people who make above 250 who aren't rich."

67 Comments

Beyond the obvious move to find a full fledged 99% supporter who would be willing to fight against a very well funded & supported sitting senator-Anthony Weiner? Michael Bloomberg? who?

the TP succeeded because the koch sugar daddies funded anyone who supported their agenda - who do we have ?

the threat of well funded TP candidates has been very powerful in pushing less crazy Rs politicians over the edge

a well planned & executed campaign from the left to push Schumer to the 99% side may be just as important as actually running a candidate

Bringing in key NY groups such as unions into a campaign"Chuck- we will support you only if you support us"
along with publicizing the votes that you list above to educate
Democrats & liberal & progressives about his record is key

"a well planned & executed campaign from the left to push Schumer to the 99% side may be just as important as actually running a candidate"

Nah. That sounds like a cop out. Vote the SOB out and let his fate serve as an example to the people elected after him. Make an example of him. Dems need to learn that they shouldn't expect anyone to go easy on them just because they are Dems.

Ha! What happened to all the dimensions of such an excellant idea? As soon as someone says don't vote Dem, you get upset and whine about negativity. You're a one trick pony.

Which electable candidate? Let's see.... 20 million people in the state of NY. 99% of that is....something large I'll bet. I'm sure we can find someone better out of that lot, be it Dem, maverick Rep, Klingon, whatever..

Just man up and be prepared for the possibility of not voting D. Consider it the first step in a well planned & executed campaign to take back the country.

not really at the moment - except to notice that nobody reads your posts - maybe you should take the hint. actually it wasn't such a bad post - we like that show. about the best you can expect from the elite liberal media. those who believe in radical change - those who believe in ows do not want to hear your shit anymore - if anyone ever did. start a new id and a new line of thinking or go away

I reposted this since you expressed an interest in Schmer after he was safely renominated, so you like the show? yet have no comment on the suggested action? Oh that's right this doesn't have anything to do with electing more GOP so it doesn't interest you.

isn't schumer a democrat? are you trying to get the gop elected? so when you post shit about dems it's ok - when someone else does it ...............this nonsense comes down on them - "Congrats on your huge win the 2014 elections getting rid of more Dems than had been done in decades you really won big in 2014!" - so strange - you are very dumb - i will not miss your boring redundant comments when jart shuts this down

and where were you when the primary was open? I posted this when something could be done about it, are you suggesting finally that OWS get involved in the primaries and start getting things other than electing the GOP done?

of course you are more interested in "scoring points" than discussing anything real....

I have had the same id, and have been on the site since Dec. 2011, i have never been banned nor had to change IDs, so i doubt my posts have led to this sad result, it is those of you who consistently attack the vast majority of liberals in this country, attacks that have now resulted in a huge win for the GOP and great setback for the 99%. The general reduced support for OWS came as the Green Party presence grew most Americans are not stupid and will not support those that work to elect the GOP.

You are a "liberal" under the establishment definition of liberal. Those you call supporters of the GOP here, on this forum, are far to the left of you, Mr. Liberal, and the farthest thing from GOP supporters. You either know that and have been playing games this entire time, or you are the thickest brick I ever met.

people on here like you work to elect the GOP how can you call that "far-left" I say "Kill the GOP" you say let them live they are not so bad, not much worse than the Dems, it is fools like you that let the 1% rule.

Are you really so stupid as to not know that your actions are the are the reason the GOP just enjoyed a huge win, I think not I think you are an ego driven political hack that cares not a damn bit that the rich are getting richer you care only for your Green Party and you would do anything to advance its cause even let the GOP and the 1% take even more from the 99%.

You talk of uniting while at the same time attacking any that don't follow your resistance to the system, you are the divider because it is within that divide that you hope for the rise of your Party so that you can prove to be right and save the world, meanwhile you stand by doing nothing while the GOP wins it all.

That is not "noble' that is not "more radical" that is just stupid, you give power to the enemy and call yourself wise. It is nothing but ego that drives you.

I rarely attack you here. You are the one who attacks first. I have NEVER asked for you to be banned. I think you have every right to post here and I think your opinions speak for millions of Americans. Which is precisely the freaking problem! Americans don't get that their politicians are co-opted one percenters!

If it weren't for the far left, the little tiny far left (of which I am a part of) in this country, you wouldn't believe how far to the right this country would be right now. We far lefties keep the Democratic Party in some kind of line, on some kind of notice. Without us, you'd have zero, they'd be kowtowing to corporations like there's no tomorrow. But, thank god, they have a little tiny left to answer to occasionally.

Since when does the "far left" call tax cutters like "turbo" friend? You are ego driven scum who cares not one tiny bit about wealth inequality you care only about co-opting OWS to kickstart your bullshit political party.

You have been taken in entirely by the 1% and do their bidding at will, it is those like you that prevent effective action. You feed your ego by calling yourself "far left" while you stand by and do nothing while the GOP are elected in the largest numbers in decades. The true "far left" are taking street action to reveal the GOP and expose them so that change can happen, you care only that you can feel superior to others a thing far more important to you than actually doing something. I have seen you "agree" with the most vile of language when it is used to attack those who disagree with your acceptance of the GOP.

As long as the ego rules over those that would take action the 1% sleep safe in their Royal Beds.

You are a defender of the corporatocracy. Period. End of story. You defend the one percent to the bitter end. You haven't a single idea of what change really is. You, like your friends, support a "Revolution for the Status Quo." Some kind of joke.

I support the complete destruction of the GOP, how exactly is that a "status quo" you ensure the continuance of the current system by urging exactly what we have always done chasing some third party ego whore while the GOP is kept on life support so the system can continue, it is idiots like you that allow this madness to go on. "

I have often posted of how it is a ladder of power if one leg is taken down the other will follow, your intentions are clear you desire to build your own party the Green Party, you are a pathic political hack that cares for nothing but the success of your Party.

I suspect many are confused by statements stating that very thing, when of course the truth is very different the truth is the people have all the power it is the hope of the 1% that they not realize that and so continue to not choose and not vote. Many assist the 1% in this effort, they could not do it without the work of many.

Honey, I'm all for the 99%. My ego has never been in this. I am dedicated to the 99% and what is best for them. And, if that is pain in the short term to get long term gain, then yes, I'm for that. The 99% are all that matter. Not some political party. YOU ARE THE POLITICAL HACK!

So you feel it is best for the 99% that the GOP have their biggest margin in decades? Then I am wrong about you, you may not be a political hack you may just be stupid.

So you, like flip, support the GOP because you think it will speed the coming of your perfect Party? You are even more conceited than I thought, and you are willing to have the 99% suffer for you ajenda.

You talk about it being more important you cast a vote you believe in than who actually wins, then claim your ego is not involved, I'm sorry honey but it is all about you baby.

I don't even do a single bit of work for the Green party, lol, you dreamer. You don't know me. You just go on blah blah accusing people of stuff they have nothing to do with. I am left of the Democrats, yep. And, if I see a candidate with a platform that speaks to me, I'll vote for them, yes. As far as I know, I've been taught, since a child, that I live in a democracy, that I'm free to have a "vote." But, oh, right, my vote's been bought out by corporations, thanks for reminding me.

I understand that from your point of view it is all about you and what you may or may not be, life is about making you feel good about your choices, if it makes you feel good to vote for the Green candidate what difference who actually wins? What matters is that you feel good about yourself, right?

This is how the Tea nuts influence policy when the number of people who actually agree with them is small especially when compared to the number who understand that feeding the greed of the super rich is destroying any hope our children have of achieving the American Dream.

I'd like to see OWS recruit a qualified local candidate, I have little hope that it will happen but still doesn't hurt to point out stuff that would work, in case anybody still has some desire to do something.

If a New York based left wing group did something they had never done before, instead of wasting their time with some third party bull shit but actually step into the game and really supported a threat to Schumer that would send a message to elected dems across the nation that the "real" left as BW calls it won't be ignored anymore. I can see from the response here that there is little desire among posters to have the left have an impact on policy, it seems most here are just about ego.